Statutes > Kentucky Statutes > CHAPTER 45 BUDGET AND FINANCIAL ADMINISTRATION > 45.454 Penalty for late payment.

45.454 Penalty for late payment.

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45.454 Penalty for late payment. An interest penalty of one percent (1%) of any amount approved and unpaid shall be <br>added to the amount approved for each month or fraction thereof after the thirty (30) <br>working days which followed receipt of the goods or services or vendor's invoice by a <br>purchasing agency. Effective: July 15, 1998 <br>History: Amended 1998 Ky. Acts ch. 118, sec. 18, effective July 15, 1998. -- Created 1984 Ky. Acts ch. 61, sec. 4, effective January 1, 1985.